UCPB Savings Q1 net income up 58% to P106-M

UCPB Savings Bank, the thrift bank arm of United Coconut Planters Bank, on Wednesday said its net income soared by 58 percent to P106 million in the first quarter of 2013 from P67 million a year earlier.

 

In an e-mailed statement, the bank said growth was driven by a 30-percent increase in interest income and a 73 percent jump in non-interest income.

 

Income from loans reached P246 million, a 36-percent improvement from P181 million in the same comparable period. Operating expenses, on the other hand, was kept at 18 percent. 

 

The savings bank expanded its base by 25 percent year-on-year to P8.8 billion on the back of a 42 percent growth in loan portfolio to P7.5 billion.

 

Total deposits grew by 25 percent to P5.7 billion, of which 53 percent were in the form of low-cost funds.

 

Return-on-equity rose to 17.8 percent from 13.1 percent.

 

“The notable first quarter performance was built on our 2012 initiatives focusing on expanding our network and increasing our loan base,” said president and CEO Joseph C. Justiniano.

 

For the rest of 2013, UCPB Savings Bank plans to open two additional branches in Borongan and Dipolog and add five more in 2014. 

 

The bank also plans to open seven more lending offices nationwide to improve loan-processing capabilities and extend reach. — DOR/VS, GMA News